Greystone Provides $34.6 Million HUD Loan to Indianapolis Multifamily Property
March 18, 2013
Greystone announced it has closed a $34.6 million loan for Lake Castleton Apartments, a 1,261 unit multifamily apartment complex in Indianapolis, Indiana. The deal was originated by Josh Sasouness, one of Greystone’s FHA originators based in New York City.
Greystone has 25 years of experience working with the U.S. Department of Housing and Urban Development (HUD) and is intimately familiar with the complexities associated with FHA insured financing. “It is important that borrowers seeking an FHA insured loan engage a lender with extensive HUD experience to ensure that the loan is underwritten in accordance with precise FHA guidelines. This will expedite a commitment and ensure an efficient closing process”, said Betsy Vartanian, head of Greystone’s FHA business.
Greystone received a commitment from HUD for a Section 223(a)(7) loan to insure Lake Castleton just 44 days from submission. Greystone provided extremely favorable conditions, including a 35-year term and a self-liquidating loan. The property is located at 7601 Carlton Arms Drive in Indianapolis, Indiana.
“The Section 223(a)(7) program is an expedited way for a borrower who already has a HUD insured loan to refinance its loan for the purpose of lowering the interest rate. We are proud of our experience working with HUD and delighted to be able to provide financing quickly and at the extremely attractive interest rates,” continued Ms. Vartanian. “This program is incredibly beneficial to borrowers and we look forward to continuing to provide them for clients across the county.”
Greystone’s multifamily and healthcare mortgage lending group consists of over 200 individuals located in offices throughout the United States. For more information on Greystone’s financing solutions please visit https://greyco.wpengine.com/multifamily.